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T,f.fB WAREHOUSING CORPORATIONS (M modified up"' to the 1s t November, 197 6) . M1NIS'ffiY OF LAW. JUSTICE AND COMPANY AFF AIRS . - , , - ,ACT , (58 OF 1962) , . " , ·Government of India ,. , , _Z"., • _ ...:.JI , "

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Page 1: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

bull

TffB WAREHOUSING CORPORATIONS

(M modified upto the 1st November 1976)

bull

bull M1NISffiY OF LAW JUSTICE AND COMPANY AFFAIRS

bull shy

bull

-ACT

(58 OF 1962)

bull

middotGovernment of India bull

bull

bull

_Z bull _ JI

THE WAnE IIOUS1KG COnlOUATIOKS ACT 1002

ARRANGEMENT OF SEC110NS

ClIAfTER I

)1 -n0lt5

l Sholl title ltu ltnl ~nd rommtOKlthlCnL

2 tkfinllio n

CHAPTER II

THl CDmoAl W(l1OO5 CotIQlOHOgtlt

3 The Cenlral WarlIouing Corporati 4 Sbare capila1 ~nd hareboldcn 5 SbareJ to be n lred by Cml1 Govemmltm and 10 be us or

~pprovcd IotCUrilios 6 Mn~8 menl of Cnl~1 Waehoui ng Corporolioo 7 Oirlaquotors 8 Disqualifocgtliltgtn fOf office of di~lor of lhe Cenlral Warebou511

COIpOratiOll 9 Removal of direct From oIIiee

10 Appoinlmem of offilZer olC ntld heir rendilioos of rvice

14 Gr~nl$ and Ioanl hy the Col(ol cgtcmmltnt

15 Cmpoion 10 inla in two lunds 16 Wnrehousing Fund 17 Qcnera1 Fund

Siale Waohousinl CorporaliON Sh~c capilal und ~h1lhol dl1bullbull

IOisqualifiCgtlion for 011 of di~tor of the Clparal icn 22 Removal of dircctocs from offitt 22 Appoinl men of officers etc anl hei condition 01 -IC~

~ lugt1ion of the SIt Waeho using Corporali EJoculive Commlaquo

II Funltion of Central Worthoying Corporation

12 E1laquolJlive CommillClt

n Mltltlings 01 lhe CorpIgtrIliogt

0-IAPTER III

SrATIt WAREHOU-ISO CO~IOOtAnltvltS

j

Managemem cf SIle Wahousi ng Corponllion

II

C HAPTER IV

26 Subm juion ltgtI pro~rannc of Kl j_j ICS II fonanc1 ~Im~I _ _

27 Ilormwng [10( r Whnu1l lrpdljn 28 Deposil 3ccounL 29 [nvestrnem of funds 30 Disposal of rrofilS 31 nil nd dl of Wltin~ Cnpunn

3 11 Rclum and crgtltft bull

J yacanci de not 10 -~idJC xlS 00 ~nlS of Wuoio CorporHions

33 Dek guioo J~ Voting riShl of lthrtholb bull JS DipUlcbull bet) Cnl~l Wchouing CnlrIgtn bull nd Sla re W31 bull bull

housing Cpoa on 36 Dedo mli of Il deli ly nd ccltltYshy37 Indemnity of di laquobull 38 Olrence bull 39 Pro-joru La lina 10 in -Iax a noJ upor~

40 Winding up of gtouina CO1131ion 41 ~rO mal (1Iie

~2 Po of Wart Sin CI(ioo m~ re)al 43 Repea 10 ovin

THE SCHEDULE

SICiIONS

CHAPTER V

--

TH E WREHO US] CORPORATI O NS ACT ]962

illltlutlc 3 oo-orcrali bnd mltInPamplt bank

1(dd) nallonaliscd ban k ~ a co rcltpondinS ne blot specified in Ihe Pi Schedule 10 Ihe nakin~ CpMics (AcquiSi tion ond TOInsIr

opoundlrO

No S8 (I 12

An 1(1 to proi1c for (hc illm rlorltion ami regulation o f COfl~ i nll rOf the 11111) of dnning of agricnhnt~d prodUfC a1 (cna in OI lo er comodilic and for mautrs COlln~poundll(l therewit h

[191 IkttmlHr 19621

Ill il cted by larl~mem in the Thinoonlh Year 0( lhe Republic ol l ooia os 10110 _

CHAPTER 1

1 (I) Th is A(I nJaY hi rolltd Ihe Wa rchnuing Corporal Act 19628100lt -~

J _c (2) It ends to Ihe whole 0 Tnin=pI4~$t cl rm-R~hDli2l III It hall roe into fone eh dale ~J Ihe Central Gcwe l1lment may

by notiflCltion in Ih Official G~zelle PI)ln1 2 In Ihis Aclt n k~ lhe ronle othcrwi require5 shy

() middotgriculltutal prod mea any 0 liIe lowing cbuu 01 ~m shymodimdy_

111 1Clt)~luffbull including cJ gtI oiled (il) nUle lodJtr including uikaku and othltr concenlra les (iI) raw CUlton whltlhltr nned or Ungjll1Cd and laquolUoo cd (i) JUIe and (I-) vltgcl~ble nib

(b) appropriate GoYrrnmcnt means n rd31 ion 10 lhe Centrll War~shyhoming Corpo raton lho Ce nt lal (jlt)tnmtllt and rolion 10 SIgtle Ware_ housing Corporuln (ho Ste G( rnmonl

j() untr~l Warlthougtlng C(NpJlti1lionM moaRS IIIlt Cenll Warin Corporalion eltablishcd under -clilnl 3

(d) co-oport _ic(y nICMgt a soc iely rCliIerlaquo1 or deemed (0 be regiteml under the C dllve Sote ACI lItt or gooer y othu law wlh respoCi 10 roopcr3Ii -eli for lhe (me being in forec in any State hid i cngS in Iho Ioccslting markeling F expon or import of I

I 01 UrodertakinssJ Altt 19701bullIf) Iilkd oomnlo(hly me an y rommodily (otr Ihan agricuitul1l1 produce) hi~h lhe Cont ml Governme nt m~y by nOlificatinn in the Oflkial G3~UC dtcbre 1(gt be 3 notified C()modi(y for th e ~u of Ihis Act be ing 3 romnodil) wilh rcltfICCI 10 heh PlIrliamen lui POor 10 k laws by vrtue ntry 33 in Lisl III ill tho Scttnch Sched ule 10 lho Constilution

Ifl prescribe s pCribed by rules made under thi s Aet

11U A hO - ~Iltd br w_CI_ IIIopp_ftlbullbull 1KilllOof liJI) middot1Sltl1I 1001 Uo Ollr I 1t I~middot~ 1lt1 nb onmiddotI ~ltt-gtn11 I~ It Ijolt i) p 1~ I IgtJ A or I I1G

-

picllyl prod e or aoy notified commodty or n in une buine$ and

I

Wang CWfOrmjms

Reer~o Btnk of India ACI 134 ~ of 1~~1

I Il) If any ponion of 1he ixty pltr cen 01 the hre capital ree rred to in ub-ect on (1) rema in unallond it may be ubltcribed for by the Cent

(g) mogniscd OCialion nCan _n (lltil~n whilth i for the lime being mognjScentd by tho C~nt r1 Go-onment odcr section 6 or Iho Ford Contracts (Rcgulalion) Act 1952

(h) middotRcso Bo n ~ e tbe Recrv Unk or InI co ntiwtcd under

() scheduled lhlnk mc ~ bmk for he lim being inclulticd in th~ Second Schedule to the Rclaquo Rk of Ind Act 34 r and incl ude ~ of 10l-l nMionJlid bank)

(j) SIC 8ank me the SI~le jJk M India (~ lt I tcd undor tho Sat~ flank of [nd Ace 19S5 3 of I~

(k) State Warehouing Corporation OS Wafchouing Corpo ration for Stle llbliShed or docm~d to be etbhhcd unde this Act

() Warehousing Corpor~t lon mes ~ Wlfehouinr Corporation ltltablisned or deemed to Ix laquotalllhc~l umlor Tnlt Act nd

(III) year mOinlt Iho financil yoar

~~J 2- CHAPTERlJ

TIIB CrNlRA1 WAHlOUS I COlPoAnON

bull rh Claquon- 3 (I) With ollcct from such dJ lc alt the Cenral Gltvommcnt mo br 1m Wmiddot nol[ca on in the Onicial Gac11e spec ify in th behalr ho Cen1 Gomiddotcmmentboing hali establish a Corporation by thltgt name of Iho Central Wa rehousing Corporoion -ioo_ which hall be a bod)middot Cotlate ha~jng perpelUI ucC5i~n nd a ommon sc~1

with power 10 ~cquire hold and di5~ f propeny n In ctbullnd m) by the said Mmo sue and be sued

(2) Tlle hadmiddotoftke or the Central Wrehousi ng Cporation h1I be al New Dcl~i or I uch other place as h ~ Ccnlral Gomiddotomment my by nnlircalion in he Officia l G01eltlt specify1

~b 4 (I) The horid hure capitl of Ihe (cnltal Warehousing Corporation pi hall be Iwentv erore of rU)Jltc diyilticlti in lo tWO hundred thound hare 01 the00 bold r ale of Oillt Ihousand rpec eeh y 11 remaining 10 be ilaquoued nay

be ise~ with the sanclion o( he Centrol (WwTnmcnlt from tione tegt li l1l 3lt d whn the C~nt1 Wreh ing ei ma) docm fit

middotPridc~ Ihal Ihe Cconal Gomiddotcrnm may from tinc (0 tint hy ordor notified in the Offici1 Gazetto in~rea he aulhori1 sh capital of Ihe Central Warehousing epoorotion to Itch otenl and in eh n nor Ih1 Govcrnment may rlt cfmin~ ]

121 ]Thlt eentr~1 Government hall ~ftr ltkc ~pproprjt o~ maltJc b) PJfli~middot ment by la w for the purpose] wbltcribe fOr fort) PC CC1l of the share capi~~ iuerl al any time nd lhe remai~iog sixty pcr ccnl of lhe share apit~l may be subscribed for winin uch period ~d io uch proportion may be leind by the Cont ral Gomiddotommen ~y the following inli(uions moly-

(~) the Stote Bunk I~) other lteheducd baTIk (e) co-opltratic ampQCiet (d) jnsomn~ oomlnicbull inVtme1 lrust and other finnci~l in lttumiddot

tioo () recogn iod urociaion an] ~ompan i dealing in griculwm

produce or any not ified mmltgtltIily

bull Government anJ Ihe State Tlank in h pf(jponion no may be agreed upon betmiddot bullbull them nd in delault 01 suell S=menl rooy be del ermined by the eentl Governmenl

IBth Ith 903 OM ro rl1 Omiddot middotIgtmiddot bull C 1( 110bull FbullHomiddot ]bull 11 lt- 11 t 1M 1 by~ 3 or 003 bullbull ~

10 b~middot ~ or 191Gbull bull~ bo 1y bull M~ rM i Ibull

Ihe

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 2: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

THE WAnE IIOUS1KG COnlOUATIOKS ACT 1002

ARRANGEMENT OF SEC110NS

ClIAfTER I

)1 -n0lt5

l Sholl title ltu ltnl ~nd rommtOKlthlCnL

2 tkfinllio n

CHAPTER II

THl CDmoAl W(l1OO5 CotIQlOHOgtlt

3 The Cenlral WarlIouing Corporati 4 Sbare capila1 ~nd hareboldcn 5 SbareJ to be n lred by Cml1 Govemmltm and 10 be us or

~pprovcd IotCUrilios 6 Mn~8 menl of Cnl~1 Waehoui ng Corporolioo 7 Oirlaquotors 8 Disqualifocgtliltgtn fOf office of di~lor of lhe Cenlral Warebou511

COIpOratiOll 9 Removal of direct From oIIiee

10 Appoinlmem of offilZer olC ntld heir rendilioos of rvice

14 Gr~nl$ and Ioanl hy the Col(ol cgtcmmltnt

15 Cmpoion 10 inla in two lunds 16 Wnrehousing Fund 17 Qcnera1 Fund

Siale Waohousinl CorporaliON Sh~c capilal und ~h1lhol dl1bullbull

IOisqualifiCgtlion for 011 of di~tor of the Clparal icn 22 Removal of dircctocs from offitt 22 Appoinl men of officers etc anl hei condition 01 -IC~

~ lugt1ion of the SIt Waeho using Corporali EJoculive Commlaquo

II Funltion of Central Worthoying Corporation

12 E1laquolJlive CommillClt

n Mltltlings 01 lhe CorpIgtrIliogt

0-IAPTER III

SrATIt WAREHOU-ISO CO~IOOtAnltvltS

j

Managemem cf SIle Wahousi ng Corponllion

II

C HAPTER IV

26 Subm juion ltgtI pro~rannc of Kl j_j ICS II fonanc1 ~Im~I _ _

27 Ilormwng [10( r Whnu1l lrpdljn 28 Deposil 3ccounL 29 [nvestrnem of funds 30 Disposal of rrofilS 31 nil nd dl of Wltin~ Cnpunn

3 11 Rclum and crgtltft bull

J yacanci de not 10 -~idJC xlS 00 ~nlS of Wuoio CorporHions

33 Dek guioo J~ Voting riShl of lthrtholb bull JS DipUlcbull bet) Cnl~l Wchouing CnlrIgtn bull nd Sla re W31 bull bull

housing Cpoa on 36 Dedo mli of Il deli ly nd ccltltYshy37 Indemnity of di laquobull 38 Olrence bull 39 Pro-joru La lina 10 in -Iax a noJ upor~

40 Winding up of gtouina CO1131ion 41 ~rO mal (1Iie

~2 Po of Wart Sin CI(ioo m~ re)al 43 Repea 10 ovin

THE SCHEDULE

SICiIONS

CHAPTER V

--

TH E WREHO US] CORPORATI O NS ACT ]962

illltlutlc 3 oo-orcrali bnd mltInPamplt bank

1(dd) nallonaliscd ban k ~ a co rcltpondinS ne blot specified in Ihe Pi Schedule 10 Ihe nakin~ CpMics (AcquiSi tion ond TOInsIr

opoundlrO

No S8 (I 12

An 1(1 to proi1c for (hc illm rlorltion ami regulation o f COfl~ i nll rOf the 11111) of dnning of agricnhnt~d prodUfC a1 (cna in OI lo er comodilic and for mautrs COlln~poundll(l therewit h

[191 IkttmlHr 19621

Ill il cted by larl~mem in the Thinoonlh Year 0( lhe Republic ol l ooia os 10110 _

CHAPTER 1

1 (I) Th is A(I nJaY hi rolltd Ihe Wa rchnuing Corporal Act 19628100lt -~

J _c (2) It ends to Ihe whole 0 Tnin=pI4~$t cl rm-R~hDli2l III It hall roe into fone eh dale ~J Ihe Central Gcwe l1lment may

by notiflCltion in Ih Official G~zelle PI)ln1 2 In Ihis Aclt n k~ lhe ronle othcrwi require5 shy

() middotgriculltutal prod mea any 0 liIe lowing cbuu 01 ~m shymodimdy_

111 1Clt)~luffbull including cJ gtI oiled (il) nUle lodJtr including uikaku and othltr concenlra les (iI) raw CUlton whltlhltr nned or Ungjll1Cd and laquolUoo cd (i) JUIe and (I-) vltgcl~ble nib

(b) appropriate GoYrrnmcnt means n rd31 ion 10 lhe Centrll War~shyhoming Corpo raton lho Ce nt lal (jlt)tnmtllt and rolion 10 SIgtle Ware_ housing Corporuln (ho Ste G( rnmonl

j() untr~l Warlthougtlng C(NpJlti1lionM moaRS IIIlt Cenll Warin Corporalion eltablishcd under -clilnl 3

(d) co-oport _ic(y nICMgt a soc iely rCliIerlaquo1 or deemed (0 be regiteml under the C dllve Sote ACI lItt or gooer y othu law wlh respoCi 10 roopcr3Ii -eli for lhe (me being in forec in any State hid i cngS in Iho Ioccslting markeling F expon or import of I

I 01 UrodertakinssJ Altt 19701bullIf) Iilkd oomnlo(hly me an y rommodily (otr Ihan agricuitul1l1 produce) hi~h lhe Cont ml Governme nt m~y by nOlificatinn in the Oflkial G3~UC dtcbre 1(gt be 3 notified C()modi(y for th e ~u of Ihis Act be ing 3 romnodil) wilh rcltfICCI 10 heh PlIrliamen lui POor 10 k laws by vrtue ntry 33 in Lisl III ill tho Scttnch Sched ule 10 lho Constilution

Ifl prescribe s pCribed by rules made under thi s Aet

11U A hO - ~Iltd br w_CI_ IIIopp_ftlbullbull 1KilllOof liJI) middot1Sltl1I 1001 Uo Ollr I 1t I~middot~ 1lt1 nb onmiddotI ~ltt-gtn11 I~ It Ijolt i) p 1~ I IgtJ A or I I1G

-

picllyl prod e or aoy notified commodty or n in une buine$ and

I

Wang CWfOrmjms

Reer~o Btnk of India ACI 134 ~ of 1~~1

I Il) If any ponion of 1he ixty pltr cen 01 the hre capital ree rred to in ub-ect on (1) rema in unallond it may be ubltcribed for by the Cent

(g) mogniscd OCialion nCan _n (lltil~n whilth i for the lime being mognjScentd by tho C~nt r1 Go-onment odcr section 6 or Iho Ford Contracts (Rcgulalion) Act 1952

(h) middotRcso Bo n ~ e tbe Recrv Unk or InI co ntiwtcd under

() scheduled lhlnk mc ~ bmk for he lim being inclulticd in th~ Second Schedule to the Rclaquo Rk of Ind Act 34 r and incl ude ~ of 10l-l nMionJlid bank)

(j) SIC 8ank me the SI~le jJk M India (~ lt I tcd undor tho Sat~ flank of [nd Ace 19S5 3 of I~

(k) State Warehouing Corporation OS Wafchouing Corpo ration for Stle llbliShed or docm~d to be etbhhcd unde this Act

() Warehousing Corpor~t lon mes ~ Wlfehouinr Corporation ltltablisned or deemed to Ix laquotalllhc~l umlor Tnlt Act nd

(III) year mOinlt Iho financil yoar

~~J 2- CHAPTERlJ

TIIB CrNlRA1 WAHlOUS I COlPoAnON

bull rh Claquon- 3 (I) With ollcct from such dJ lc alt the Cenral Gltvommcnt mo br 1m Wmiddot nol[ca on in the Onicial Gac11e spec ify in th behalr ho Cen1 Gomiddotcmmentboing hali establish a Corporation by thltgt name of Iho Central Wa rehousing Corporoion -ioo_ which hall be a bod)middot Cotlate ha~jng perpelUI ucC5i~n nd a ommon sc~1

with power 10 ~cquire hold and di5~ f propeny n In ctbullnd m) by the said Mmo sue and be sued

(2) Tlle hadmiddotoftke or the Central Wrehousi ng Cporation h1I be al New Dcl~i or I uch other place as h ~ Ccnlral Gomiddotomment my by nnlircalion in he Officia l G01eltlt specify1

~b 4 (I) The horid hure capitl of Ihe (cnltal Warehousing Corporation pi hall be Iwentv erore of rU)Jltc diyilticlti in lo tWO hundred thound hare 01 the00 bold r ale of Oillt Ihousand rpec eeh y 11 remaining 10 be ilaquoued nay

be ise~ with the sanclion o( he Centrol (WwTnmcnlt from tione tegt li l1l 3lt d whn the C~nt1 Wreh ing ei ma) docm fit

middotPridc~ Ihal Ihe Cconal Gomiddotcrnm may from tinc (0 tint hy ordor notified in the Offici1 Gazetto in~rea he aulhori1 sh capital of Ihe Central Warehousing epoorotion to Itch otenl and in eh n nor Ih1 Govcrnment may rlt cfmin~ ]

121 ]Thlt eentr~1 Government hall ~ftr ltkc ~pproprjt o~ maltJc b) PJfli~middot ment by la w for the purpose] wbltcribe fOr fort) PC CC1l of the share capi~~ iuerl al any time nd lhe remai~iog sixty pcr ccnl of lhe share apit~l may be subscribed for winin uch period ~d io uch proportion may be leind by the Cont ral Gomiddotommen ~y the following inli(uions moly-

(~) the Stote Bunk I~) other lteheducd baTIk (e) co-opltratic ampQCiet (d) jnsomn~ oomlnicbull inVtme1 lrust and other finnci~l in lttumiddot

tioo () recogn iod urociaion an] ~ompan i dealing in griculwm

produce or any not ified mmltgtltIily

bull Government anJ Ihe State Tlank in h pf(jponion no may be agreed upon betmiddot bullbull them nd in delault 01 suell S=menl rooy be del ermined by the eentl Governmenl

IBth Ith 903 OM ro rl1 Omiddot middotIgtmiddot bull C 1( 110bull FbullHomiddot ]bull 11 lt- 11 t 1M 1 by~ 3 or 003 bullbull ~

10 b~middot ~ or 191Gbull bull~ bo 1y bull M~ rM i Ibull

Ihe

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 3: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

C HAPTER IV

26 Subm juion ltgtI pro~rannc of Kl j_j ICS II fonanc1 ~Im~I _ _

27 Ilormwng [10( r Whnu1l lrpdljn 28 Deposil 3ccounL 29 [nvestrnem of funds 30 Disposal of rrofilS 31 nil nd dl of Wltin~ Cnpunn

3 11 Rclum and crgtltft bull

J yacanci de not 10 -~idJC xlS 00 ~nlS of Wuoio CorporHions

33 Dek guioo J~ Voting riShl of lthrtholb bull JS DipUlcbull bet) Cnl~l Wchouing CnlrIgtn bull nd Sla re W31 bull bull

housing Cpoa on 36 Dedo mli of Il deli ly nd ccltltYshy37 Indemnity of di laquobull 38 Olrence bull 39 Pro-joru La lina 10 in -Iax a noJ upor~

40 Winding up of gtouina CO1131ion 41 ~rO mal (1Iie

~2 Po of Wart Sin CI(ioo m~ re)al 43 Repea 10 ovin

THE SCHEDULE

SICiIONS

CHAPTER V

--

TH E WREHO US] CORPORATI O NS ACT ]962

illltlutlc 3 oo-orcrali bnd mltInPamplt bank

1(dd) nallonaliscd ban k ~ a co rcltpondinS ne blot specified in Ihe Pi Schedule 10 Ihe nakin~ CpMics (AcquiSi tion ond TOInsIr

opoundlrO

No S8 (I 12

An 1(1 to proi1c for (hc illm rlorltion ami regulation o f COfl~ i nll rOf the 11111) of dnning of agricnhnt~d prodUfC a1 (cna in OI lo er comodilic and for mautrs COlln~poundll(l therewit h

[191 IkttmlHr 19621

Ill il cted by larl~mem in the Thinoonlh Year 0( lhe Republic ol l ooia os 10110 _

CHAPTER 1

1 (I) Th is A(I nJaY hi rolltd Ihe Wa rchnuing Corporal Act 19628100lt -~

J _c (2) It ends to Ihe whole 0 Tnin=pI4~$t cl rm-R~hDli2l III It hall roe into fone eh dale ~J Ihe Central Gcwe l1lment may

by notiflCltion in Ih Official G~zelle PI)ln1 2 In Ihis Aclt n k~ lhe ronle othcrwi require5 shy

() middotgriculltutal prod mea any 0 liIe lowing cbuu 01 ~m shymodimdy_

111 1Clt)~luffbull including cJ gtI oiled (il) nUle lodJtr including uikaku and othltr concenlra les (iI) raw CUlton whltlhltr nned or Ungjll1Cd and laquolUoo cd (i) JUIe and (I-) vltgcl~ble nib

(b) appropriate GoYrrnmcnt means n rd31 ion 10 lhe Centrll War~shyhoming Corpo raton lho Ce nt lal (jlt)tnmtllt and rolion 10 SIgtle Ware_ housing Corporuln (ho Ste G( rnmonl

j() untr~l Warlthougtlng C(NpJlti1lionM moaRS IIIlt Cenll Warin Corporalion eltablishcd under -clilnl 3

(d) co-oport _ic(y nICMgt a soc iely rCliIerlaquo1 or deemed (0 be regiteml under the C dllve Sote ACI lItt or gooer y othu law wlh respoCi 10 roopcr3Ii -eli for lhe (me being in forec in any State hid i cngS in Iho Ioccslting markeling F expon or import of I

I 01 UrodertakinssJ Altt 19701bullIf) Iilkd oomnlo(hly me an y rommodily (otr Ihan agricuitul1l1 produce) hi~h lhe Cont ml Governme nt m~y by nOlificatinn in the Oflkial G3~UC dtcbre 1(gt be 3 notified C()modi(y for th e ~u of Ihis Act be ing 3 romnodil) wilh rcltfICCI 10 heh PlIrliamen lui POor 10 k laws by vrtue ntry 33 in Lisl III ill tho Scttnch Sched ule 10 lho Constilution

Ifl prescribe s pCribed by rules made under thi s Aet

11U A hO - ~Iltd br w_CI_ IIIopp_ftlbullbull 1KilllOof liJI) middot1Sltl1I 1001 Uo Ollr I 1t I~middot~ 1lt1 nb onmiddotI ~ltt-gtn11 I~ It Ijolt i) p 1~ I IgtJ A or I I1G

-

picllyl prod e or aoy notified commodty or n in une buine$ and

I

Wang CWfOrmjms

Reer~o Btnk of India ACI 134 ~ of 1~~1

I Il) If any ponion of 1he ixty pltr cen 01 the hre capital ree rred to in ub-ect on (1) rema in unallond it may be ubltcribed for by the Cent

(g) mogniscd OCialion nCan _n (lltil~n whilth i for the lime being mognjScentd by tho C~nt r1 Go-onment odcr section 6 or Iho Ford Contracts (Rcgulalion) Act 1952

(h) middotRcso Bo n ~ e tbe Recrv Unk or InI co ntiwtcd under

() scheduled lhlnk mc ~ bmk for he lim being inclulticd in th~ Second Schedule to the Rclaquo Rk of Ind Act 34 r and incl ude ~ of 10l-l nMionJlid bank)

(j) SIC 8ank me the SI~le jJk M India (~ lt I tcd undor tho Sat~ flank of [nd Ace 19S5 3 of I~

(k) State Warehouing Corporation OS Wafchouing Corpo ration for Stle llbliShed or docm~d to be etbhhcd unde this Act

() Warehousing Corpor~t lon mes ~ Wlfehouinr Corporation ltltablisned or deemed to Ix laquotalllhc~l umlor Tnlt Act nd

(III) year mOinlt Iho financil yoar

~~J 2- CHAPTERlJ

TIIB CrNlRA1 WAHlOUS I COlPoAnON

bull rh Claquon- 3 (I) With ollcct from such dJ lc alt the Cenral Gltvommcnt mo br 1m Wmiddot nol[ca on in the Onicial Gac11e spec ify in th behalr ho Cen1 Gomiddotcmmentboing hali establish a Corporation by thltgt name of Iho Central Wa rehousing Corporoion -ioo_ which hall be a bod)middot Cotlate ha~jng perpelUI ucC5i~n nd a ommon sc~1

with power 10 ~cquire hold and di5~ f propeny n In ctbullnd m) by the said Mmo sue and be sued

(2) Tlle hadmiddotoftke or the Central Wrehousi ng Cporation h1I be al New Dcl~i or I uch other place as h ~ Ccnlral Gomiddotomment my by nnlircalion in he Officia l G01eltlt specify1

~b 4 (I) The horid hure capitl of Ihe (cnltal Warehousing Corporation pi hall be Iwentv erore of rU)Jltc diyilticlti in lo tWO hundred thound hare 01 the00 bold r ale of Oillt Ihousand rpec eeh y 11 remaining 10 be ilaquoued nay

be ise~ with the sanclion o( he Centrol (WwTnmcnlt from tione tegt li l1l 3lt d whn the C~nt1 Wreh ing ei ma) docm fit

middotPridc~ Ihal Ihe Cconal Gomiddotcrnm may from tinc (0 tint hy ordor notified in the Offici1 Gazetto in~rea he aulhori1 sh capital of Ihe Central Warehousing epoorotion to Itch otenl and in eh n nor Ih1 Govcrnment may rlt cfmin~ ]

121 ]Thlt eentr~1 Government hall ~ftr ltkc ~pproprjt o~ maltJc b) PJfli~middot ment by la w for the purpose] wbltcribe fOr fort) PC CC1l of the share capi~~ iuerl al any time nd lhe remai~iog sixty pcr ccnl of lhe share apit~l may be subscribed for winin uch period ~d io uch proportion may be leind by the Cont ral Gomiddotommen ~y the following inli(uions moly-

(~) the Stote Bunk I~) other lteheducd baTIk (e) co-opltratic ampQCiet (d) jnsomn~ oomlnicbull inVtme1 lrust and other finnci~l in lttumiddot

tioo () recogn iod urociaion an] ~ompan i dealing in griculwm

produce or any not ified mmltgtltIily

bull Government anJ Ihe State Tlank in h pf(jponion no may be agreed upon betmiddot bullbull them nd in delault 01 suell S=menl rooy be del ermined by the eentl Governmenl

IBth Ith 903 OM ro rl1 Omiddot middotIgtmiddot bull C 1( 110bull FbullHomiddot ]bull 11 lt- 11 t 1M 1 by~ 3 or 003 bullbull ~

10 b~middot ~ or 191Gbull bull~ bo 1y bull M~ rM i Ibull

Ihe

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 4: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

--

TH E WREHO US] CORPORATI O NS ACT ]962

illltlutlc 3 oo-orcrali bnd mltInPamplt bank

1(dd) nallonaliscd ban k ~ a co rcltpondinS ne blot specified in Ihe Pi Schedule 10 Ihe nakin~ CpMics (AcquiSi tion ond TOInsIr

opoundlrO

No S8 (I 12

An 1(1 to proi1c for (hc illm rlorltion ami regulation o f COfl~ i nll rOf the 11111) of dnning of agricnhnt~d prodUfC a1 (cna in OI lo er comodilic and for mautrs COlln~poundll(l therewit h

[191 IkttmlHr 19621

Ill il cted by larl~mem in the Thinoonlh Year 0( lhe Republic ol l ooia os 10110 _

CHAPTER 1

1 (I) Th is A(I nJaY hi rolltd Ihe Wa rchnuing Corporal Act 19628100lt -~

J _c (2) It ends to Ihe whole 0 Tnin=pI4~$t cl rm-R~hDli2l III It hall roe into fone eh dale ~J Ihe Central Gcwe l1lment may

by notiflCltion in Ih Official G~zelle PI)ln1 2 In Ihis Aclt n k~ lhe ronle othcrwi require5 shy

() middotgriculltutal prod mea any 0 liIe lowing cbuu 01 ~m shymodimdy_

111 1Clt)~luffbull including cJ gtI oiled (il) nUle lodJtr including uikaku and othltr concenlra les (iI) raw CUlton whltlhltr nned or Ungjll1Cd and laquolUoo cd (i) JUIe and (I-) vltgcl~ble nib

(b) appropriate GoYrrnmcnt means n rd31 ion 10 lhe Centrll War~shyhoming Corpo raton lho Ce nt lal (jlt)tnmtllt and rolion 10 SIgtle Ware_ housing Corporuln (ho Ste G( rnmonl

j() untr~l Warlthougtlng C(NpJlti1lionM moaRS IIIlt Cenll Warin Corporalion eltablishcd under -clilnl 3

(d) co-oport _ic(y nICMgt a soc iely rCliIerlaquo1 or deemed (0 be regiteml under the C dllve Sote ACI lItt or gooer y othu law wlh respoCi 10 roopcr3Ii -eli for lhe (me being in forec in any State hid i cngS in Iho Ioccslting markeling F expon or import of I

I 01 UrodertakinssJ Altt 19701bullIf) Iilkd oomnlo(hly me an y rommodily (otr Ihan agricuitul1l1 produce) hi~h lhe Cont ml Governme nt m~y by nOlificatinn in the Oflkial G3~UC dtcbre 1(gt be 3 notified C()modi(y for th e ~u of Ihis Act be ing 3 romnodil) wilh rcltfICCI 10 heh PlIrliamen lui POor 10 k laws by vrtue ntry 33 in Lisl III ill tho Scttnch Sched ule 10 lho Constilution

Ifl prescribe s pCribed by rules made under thi s Aet

11U A hO - ~Iltd br w_CI_ IIIopp_ftlbullbull 1KilllOof liJI) middot1Sltl1I 1001 Uo Ollr I 1t I~middot~ 1lt1 nb onmiddotI ~ltt-gtn11 I~ It Ijolt i) p 1~ I IgtJ A or I I1G

-

picllyl prod e or aoy notified commodty or n in une buine$ and

I

Wang CWfOrmjms

Reer~o Btnk of India ACI 134 ~ of 1~~1

I Il) If any ponion of 1he ixty pltr cen 01 the hre capital ree rred to in ub-ect on (1) rema in unallond it may be ubltcribed for by the Cent

(g) mogniscd OCialion nCan _n (lltil~n whilth i for the lime being mognjScentd by tho C~nt r1 Go-onment odcr section 6 or Iho Ford Contracts (Rcgulalion) Act 1952

(h) middotRcso Bo n ~ e tbe Recrv Unk or InI co ntiwtcd under

() scheduled lhlnk mc ~ bmk for he lim being inclulticd in th~ Second Schedule to the Rclaquo Rk of Ind Act 34 r and incl ude ~ of 10l-l nMionJlid bank)

(j) SIC 8ank me the SI~le jJk M India (~ lt I tcd undor tho Sat~ flank of [nd Ace 19S5 3 of I~

(k) State Warehouing Corporation OS Wafchouing Corpo ration for Stle llbliShed or docm~d to be etbhhcd unde this Act

() Warehousing Corpor~t lon mes ~ Wlfehouinr Corporation ltltablisned or deemed to Ix laquotalllhc~l umlor Tnlt Act nd

(III) year mOinlt Iho financil yoar

~~J 2- CHAPTERlJ

TIIB CrNlRA1 WAHlOUS I COlPoAnON

bull rh Claquon- 3 (I) With ollcct from such dJ lc alt the Cenral Gltvommcnt mo br 1m Wmiddot nol[ca on in the Onicial Gac11e spec ify in th behalr ho Cen1 Gomiddotcmmentboing hali establish a Corporation by thltgt name of Iho Central Wa rehousing Corporoion -ioo_ which hall be a bod)middot Cotlate ha~jng perpelUI ucC5i~n nd a ommon sc~1

with power 10 ~cquire hold and di5~ f propeny n In ctbullnd m) by the said Mmo sue and be sued

(2) Tlle hadmiddotoftke or the Central Wrehousi ng Cporation h1I be al New Dcl~i or I uch other place as h ~ Ccnlral Gomiddotomment my by nnlircalion in he Officia l G01eltlt specify1

~b 4 (I) The horid hure capitl of Ihe (cnltal Warehousing Corporation pi hall be Iwentv erore of rU)Jltc diyilticlti in lo tWO hundred thound hare 01 the00 bold r ale of Oillt Ihousand rpec eeh y 11 remaining 10 be ilaquoued nay

be ise~ with the sanclion o( he Centrol (WwTnmcnlt from tione tegt li l1l 3lt d whn the C~nt1 Wreh ing ei ma) docm fit

middotPridc~ Ihal Ihe Cconal Gomiddotcrnm may from tinc (0 tint hy ordor notified in the Offici1 Gazetto in~rea he aulhori1 sh capital of Ihe Central Warehousing epoorotion to Itch otenl and in eh n nor Ih1 Govcrnment may rlt cfmin~ ]

121 ]Thlt eentr~1 Government hall ~ftr ltkc ~pproprjt o~ maltJc b) PJfli~middot ment by la w for the purpose] wbltcribe fOr fort) PC CC1l of the share capi~~ iuerl al any time nd lhe remai~iog sixty pcr ccnl of lhe share apit~l may be subscribed for winin uch period ~d io uch proportion may be leind by the Cont ral Gomiddotommen ~y the following inli(uions moly-

(~) the Stote Bunk I~) other lteheducd baTIk (e) co-opltratic ampQCiet (d) jnsomn~ oomlnicbull inVtme1 lrust and other finnci~l in lttumiddot

tioo () recogn iod urociaion an] ~ompan i dealing in griculwm

produce or any not ified mmltgtltIily

bull Government anJ Ihe State Tlank in h pf(jponion no may be agreed upon betmiddot bullbull them nd in delault 01 suell S=menl rooy be del ermined by the eentl Governmenl

IBth Ith 903 OM ro rl1 Omiddot middotIgtmiddot bull C 1( 110bull FbullHomiddot ]bull 11 lt- 11 t 1M 1 by~ 3 or 003 bullbull ~

10 b~middot ~ or 191Gbull bull~ bo 1y bull M~ rM i Ibull

Ihe

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 5: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

I

Wang CWfOrmjms

Reer~o Btnk of India ACI 134 ~ of 1~~1

I Il) If any ponion of 1he ixty pltr cen 01 the hre capital ree rred to in ub-ect on (1) rema in unallond it may be ubltcribed for by the Cent

(g) mogniscd OCialion nCan _n (lltil~n whilth i for the lime being mognjScentd by tho C~nt r1 Go-onment odcr section 6 or Iho Ford Contracts (Rcgulalion) Act 1952

(h) middotRcso Bo n ~ e tbe Recrv Unk or InI co ntiwtcd under

() scheduled lhlnk mc ~ bmk for he lim being inclulticd in th~ Second Schedule to the Rclaquo Rk of Ind Act 34 r and incl ude ~ of 10l-l nMionJlid bank)

(j) SIC 8ank me the SI~le jJk M India (~ lt I tcd undor tho Sat~ flank of [nd Ace 19S5 3 of I~

(k) State Warehouing Corporation OS Wafchouing Corpo ration for Stle llbliShed or docm~d to be etbhhcd unde this Act

() Warehousing Corpor~t lon mes ~ Wlfehouinr Corporation ltltablisned or deemed to Ix laquotalllhc~l umlor Tnlt Act nd

(III) year mOinlt Iho financil yoar

~~J 2- CHAPTERlJ

TIIB CrNlRA1 WAHlOUS I COlPoAnON

bull rh Claquon- 3 (I) With ollcct from such dJ lc alt the Cenral Gltvommcnt mo br 1m Wmiddot nol[ca on in the Onicial Gac11e spec ify in th behalr ho Cen1 Gomiddotcmmentboing hali establish a Corporation by thltgt name of Iho Central Wa rehousing Corporoion -ioo_ which hall be a bod)middot Cotlate ha~jng perpelUI ucC5i~n nd a ommon sc~1

with power 10 ~cquire hold and di5~ f propeny n In ctbullnd m) by the said Mmo sue and be sued

(2) Tlle hadmiddotoftke or the Central Wrehousi ng Cporation h1I be al New Dcl~i or I uch other place as h ~ Ccnlral Gomiddotomment my by nnlircalion in he Officia l G01eltlt specify1

~b 4 (I) The horid hure capitl of Ihe (cnltal Warehousing Corporation pi hall be Iwentv erore of rU)Jltc diyilticlti in lo tWO hundred thound hare 01 the00 bold r ale of Oillt Ihousand rpec eeh y 11 remaining 10 be ilaquoued nay

be ise~ with the sanclion o( he Centrol (WwTnmcnlt from tione tegt li l1l 3lt d whn the C~nt1 Wreh ing ei ma) docm fit

middotPridc~ Ihal Ihe Cconal Gomiddotcrnm may from tinc (0 tint hy ordor notified in the Offici1 Gazetto in~rea he aulhori1 sh capital of Ihe Central Warehousing epoorotion to Itch otenl and in eh n nor Ih1 Govcrnment may rlt cfmin~ ]

121 ]Thlt eentr~1 Government hall ~ftr ltkc ~pproprjt o~ maltJc b) PJfli~middot ment by la w for the purpose] wbltcribe fOr fort) PC CC1l of the share capi~~ iuerl al any time nd lhe remai~iog sixty pcr ccnl of lhe share apit~l may be subscribed for winin uch period ~d io uch proportion may be leind by the Cont ral Gomiddotommen ~y the following inli(uions moly-

(~) the Stote Bunk I~) other lteheducd baTIk (e) co-opltratic ampQCiet (d) jnsomn~ oomlnicbull inVtme1 lrust and other finnci~l in lttumiddot

tioo () recogn iod urociaion an] ~ompan i dealing in griculwm

produce or any not ified mmltgtltIily

bull Government anJ Ihe State Tlank in h pf(jponion no may be agreed upon betmiddot bullbull them nd in delault 01 suell S=menl rooy be del ermined by the eentl Governmenl

IBth Ith 903 OM ro rl1 Omiddot middotIgtmiddot bull C 1( 110bull FbullHomiddot ]bull 11 lt- 11 t 1M 1 by~ 3 or 003 bullbull ~

10 b~middot ~ or 191Gbull bull~ bo 1y bull M~ rM i Ibull

Ihe

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 6: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

09 I2J WUNhoI Cor_aliens

I

(4) T he hre he (cIt lrl l Warehousing Corporalion 1oU 100t bo lronde rmiddot able uCpI 10 lhe Cenlrll cwcmmcnt [the Slt~ liank or any uchlt ocledulcd IJankJ any iur romny ~~y in_ltslmon Iru1 or ho filL1l1Ci~1 ilu(ionr ny OpefdlYC ampOClcty If any fCWgd Olton or mpny dealing in ~8ricullUrill produce or ~ny n~IIf1laquol nllKgtllny n ~econlnco with he rgultoo made by lhe Cenlrol WoreIOu OJrponuon undor thi1 Act

S () The hares f Ihe Centrol Wnnhoulg Copvrlliion shall be 8u ~ nmiddot Iced by lhe CeDr~1 GoV(rnmc 10 IIIlt repayonl of he prillCi~1 00 lhe pa)_ JIltnt of the nnllll dilkad _I och mini um rale bullbull may be fIXed by he Cntnl (iovcrnment by nollficallOl1 pubhlhd in lhe O IJiciaJ G~leno at Ihc lime of Ihe is ue 01 rthc sh res

(1) Notll~laoding JrIlhlDl conlaood in 11gt0 Actlt JIltolJltmed in Ih oulgtshyIJOn lhe h1Q of the Cl W~rlthonB Corpo h1I be deend 10 be incluJecl among tho urilie IlIorOIccl ill SCCl iun 20 of the Indian Trus

~ of 1_ A 13112 ~nd ~Iso 10 bo appromiddotd ~Cuet lor tillt putJOlt of the Jnsumnce Act OJl~~ 1938 and lhe Ibnking Compan Altt 1949

6 (I ) Tile Gncr~1 ~upcnl~Idncc olld wugemenl 01 Ihe o(fai ~nd buneu of the Cenrl Wdgtouing COIOI0 511 ltgt on boord of dredora 1gt0middotlh lh $IlSllIlWC an Eltccu bullbull Conuoc JOO bull nanagong cli reclO r may oni 011 lle 10 nd (1 80 11 lhe funcivnf whk~ may be reiscd 0 dilChacgcd hy I (e1 Wad ltgtnjl CQpoMon undor Ih ACI

(2) Tlgtc oo~1 of lt101 hdl ~cl m bumCh pflneipks halIll prd to public inte nil tall be JI by lIth inmult(o on Q1ions 01 policy a 1111 be liven 10 them by 1 (1 GnvltrnlgtOnl

(3) If Y doubt orie os hI wbethe a q~ion j or is ltII bull quelion of policy h decision of tho 01 Olt)ornIIltI1 shall be tinal

7 (I) The boIIJ of d1ur ~fcrmJ lu in ~j lIlall of lbe followillS namcly shy

(~) ix dllcclOrI 10) be minlIed by he Ccuttal (oruuc01 (b) ()lit dirCClOf 10 bc nomlcd by 1 National Co-optr1li De~Iopshy

me l( Corporo lion Iublihed under Ihe Nallo l Coolrnlivc PmiddotcIOfll1lCn Colt-poraLiOll Act 1962

laquo) one dI 10 be lOIlunucd 1raquo the SI~le Ibllk (J) un ltli rlaquo lo tu Ix cloned by ltgt11gtlt chcdulool bonklt

(e) 0 dIlaquotlt 10 be cllaquotcd by co-opeli socioli mone ltlncelo h be Ilaquoted by in rompmiltgt inalnl LrUl

and her linaneia insllluwrI~ ltogIgted So)ltiaio$ nd com i dl 10amp in ogriculural pnxluec or n~irlltd ronnxl iu

(d a mn8in8 hrect ~poinl~ by the Conlrr Goernmen u msullaion with tho ltlIfClt1 rofornd In in clau () 10 (j)

Iro_ided lhal lhe Iloro tllltct 10 be ~Iltcl under cI~uc (a) (t) 1Id 1ft y II)f the filll ronllliulion of Ibo bclJnl 01 directOfJ be nOminlcd by lhe Central Goyornmcnt in d m1nnmiddot 3 to give ejlfCtlion 10 each dll 01 iIutionJ (whelher Ihoy 1C beroe shlgtohJc of Ihe Corpor1I0n 0 not) refrred 10 in lhose clauJlOS bul ~ direlt1or lIOinud h1I hold office only unlil he is replaced by dilltclor oICCICd pro dod iD thai o1u and the diroelor SO cIltCIcl $hall hold om ltgtnly for gt0 long lhe direClOr replagd wo uld bullbull 1gt101 oItico ld he not been refllacod

0) The direct rtfmod Ii) in C~1U (I) (r) nd (j) of ub-sttion (I)bull 3lt the Centr1 Govemmenl my ~Ilow I iQlilubonlt rdctlcd w iD

clause (tI or clauslt (~) 0 clJuslt (f) of Igt-$ltllio (I) riI 10 elecl U dir~or lhe Cenlr~l Go~mment nay nomin a dirclt1ot 10 fill 11lt middotncy

(4) The boud of direct 111 hiV( ChirmJn 1gt1 bull Vittmiddot(hmwn 110 ltha ll be appoinle( by the Cenlrol GoWornmcnl from omonS Ihe dinno

c-_oo

~~10 nlt Of _p_~bo

I -IIbullbull

)t ~ _ 01 ~~

IImiddot ~O _ -shyn_

sh1I be otccted in II prltSIt ibed ont (1) If ilhin lhe ~iooJ prccribed Ihis belalf Ilr ilhin uh runher

bull i

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 7: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

bull

DigtltjbullbulliI 0d l tor ~-

bof ~~

W_ hS -shydon

lImon of dl r m

ppoio mo of

~shy ndIt _ ditiano of

( iv) if he h belaquo removed or dimwd from II gtlti~ of Gcmmiddot mer or Corpo~Jon ownltJ J lrotk il) (ho Gov~mmCIlI Of

(v) ~ccfgtl ill the o[ (hc mngin~ [ireclor if he i sI iod official o[ he Ce nll Vehouslng Cor pli01 or ny Slal~ Narcloun~ Corporuion or

h i) if he pronally jlcgticd in y ~ Il lpound n1c1 lt Ie with 0 III ny wor bcg done fo r ho Cenlroll Wchout GgtrrofJUO cXP a shadlue (mhcr han JOfttlor) Ij ) tlhtic comln) ldin in the Compc Act 1~56

Provided Iha whee all) uch P 1 lwldtucr he I all Jid lltgt the Central Warehouing COpi Ih~ lUre nJ ~ mt r hre he ld by him in such compm)

9 (I) The Central Govcmlle y al any ime ill cOI1ult~io wilh lho Cclllral Warlthousing Corporation noo (h~ allgl ciirecl f Ili aflcr gIving him a reasonable opporton t of showing callSlt S II prupJ removal

(2) The boorJ of direclors ay rem frQm n 1Il dilaquo101 who

(a) i$ Ot ~S bcltonlC subjltc( (0 Illy of (h UIIHhrc(io menlioned $ltClion 8 or

(b) i atgtonl WilhoUl k~ of Ihe ooarJ of J illclCJrs f 00 (han threo con-lt-eUlive moot inglt of Iho IJd thoU OUSC gtu ln icul Ih p in of (he boad (0 CX(lnefotc his hgtcolte

10 (I) The Cnlml Wadtouinamp COf]gtOfJlion y appoint ouch oiIkefS nd other rnplOYcc a it coniders eroy 10 the cmcicm rcrformanc of its fUlt1ioo~

(l) Every person cp10)c~ by lhe Cent] W~dl ing 01 unultr this Ac shall be ubjcct 10 such ~oJiliolls of oie n ~nall bc 11110lt1 llt)

such ornunorali a 0) be iklend hy fogul(ions mlde ill Ihl Coq~li under lhi Act

0

~

(j) Tho managing ltlirector h l1~

(a) ltxctcis uc ll pow lfltgtr11l sud du~ 110 bo J or ltIiretor or the Cenl Warchougt1~ CltJIon OlY cntru 0 kloga bullbull 0 hinl and

(b) OCoo u() sabry 1 ~I 0middotlt Ihe Ccnlr1 Wd1ltJugting Corpoion may with the appro o( lhe Co GOWHnl fix

(6) The direct of Iho Com1 WdlOUamp eIltm lt)Iher 110 1m managing direelor Shall be eltileu laquoee ic by WY ~f uncraliQll uch um a tho Contral Warohluing C[gt0141ltgt ~ wih IT p~ro l or Iho Cenl l Government fix

Prltidcd Iha no ojhcl~1 hretto ha ll be cgtll k j It) rcc Y m ilner ion her han he lIowance if any l(lmiibk 10 jnll under Ihe ks rcgu]u illll hi conditions vicc

(7) The (erm 01 orne or and (he anncr or lilling ~ual Yataneic Imong the directors hall be such os mOl be prescribed

8 A pern hall bc disqualitkd 1M gtcH1I ch()SC1l odirCltlOr of the COnltll Wnrehougtml Cltgtrpti

(I) i he fund 10 bc lunu lc or bernc vI HI miI or

(io) if he is or at any lime h~ 11lt adjlLdicMd hcn( or h upended payment of hi debts or h compoulldd wilh hi redilors r

(ii) if ho i or I beon C011l ccu of allY ollc igtojy ng ra1 (urpitude and ntcoccd in opeel [1-lt 10 iprin~l ror not 1 (heln ix onth bull unle ~ periltXl 01 Ii )C ha ciajlSCu from (Oc clOle Of expiry 01 Ihe semence or

- ~

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 8: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

--01 1962]

~oltI

-~~ shy0loo

I Subject to the pro~iogtn or Ihi lt1 Ihe Cnlr~1 Wurebou1l Corporamiddot lion ItlIyshy

(u) oqulre uld bu dd gxju nd ~rdllJu 1 lIgteh suilable plCC5 V( ~ I~u 1 thmk fit

ovo-t (b) run rcoocs I I -torgc f lCullu1 produtC wJ- anure bull fc rti h agcuh~l Inpkmenh ml llljfisd mraquoh oIIucd

by indi_idual -opera I dell~ aLld Olher iiuliluHoni

(-) ~rrnge fcilities fm the Iansport of VlCulll 1 prodltlt tds manur ftrll1i~ers g ltcul1ural mplemenlS aoo DOIified wmmodillos to and from Wlhousel

(ltI) ubsai~ 10 lhe ho-c Jpll uf a SIle W~-chou CorporJlion

I) 1 a gent 01 Ihe G~rmst fur the purpolC~ of lhe purchaltc Iebullbulllltlrlge and dimiblton of Iul1l1-l prodocc wed bull manu bull (Iile ogicullurll inplcentnlltnls and oollroed commoditu

If) carry oul sueh olhor IUlwns ~ mJy b pre d

U (I) The(e gtbIllkan Excwlimiddote COllllnille--uf lbe ont1 Wabo=namp CorpOration heh oh~U ronSgt ofshy

(~) Ihe ( irmun nd Ihe VicmiddotChaorman of Ihe boor 01 dICC10 (t) lhe manaing director Hnd (~) Iwogt other dirce1Ot elgto$Cn by I CorPOrJliOl1 in lhe prescrilxd

nlllnnltr

(1) 1lgtc Chair and Ihe v-chu1 0( I boord of dimtorJ _ba ~ Iho airman and the ViccmiddotChalfma laquo~pectJV(ly of lhe fucltuuv Committee

(J) Subject 10 the II ~I ltnl[lt)1 dircCllon and uprintend of the bood of d~ors lhe poundcculi Connnitlec hall be oomplenl to lt1111 wilh any nL1er willin Ihe ~uple of lhe Cenlr1 WarcholuH1B Corporation

13 0) l1oc ~M I ~ne~1 ll~ 01 lhe Cellini Warehoug Curpor~middot tion (hcreilrtcr refelred II ~ I ann1 nerdl noecung) ohall be held ry yer either at iI Illtd ollice If al any oIr olf- of I Corporaion wlhin si~ months of lhe dobullbull or Ihe fe 1 year and any olher gltnerj meel mel be ooncnlaquol by lhe boird nI d(1 at any other lime

(1) The ~hrcholdlt- nl the 3 nn~1 general nIHlg hall be enhlled 10 digtltu the nll1 account the report or he boord of direClors 0 the workmiddot i~ 01 the Corporatiun dunng I J~ uk~ report II 11 a II audot-middot laquoport on the annual balallCCmiddothltct Id altTOun

(3) TIIC board of dioolltlf5 uf Ihe Cenlral Wa rchoung Corporton hall on llIe IiitlOll of onemiddotlhiJ of the umlx (of heholde ltIf the orpor~lio call ~ sptltiltol una 0( the Copltgtmuon

14) Th~ requisition r pcci1 CIIIl~ under ub~io 11) shU $1~le Ihe object nI Ihe meelamp an1 h~U Iw ned by Itlt IiiIIOIll1$ a nd dcllOgtJtlaquol Jt 1M hcad-ol 0( IIlt Curpur-lll nd nl~ ronlgtl of gtlt1 documenllt in It ( form each gned by onlt or mOfe rcquiiuou

(5) If IIlt boIrd of lt1011 0( Ih CCfIlral WJdllt~ Curporau do )1 pr~eJ hi 1middotcnyUllt tllt from lhe dale of lhe fCIigtilin beln $0 deposled to I~u the ltpcriJI ntlaquoling to be ~~lleJ the luiilionl r bull jority 0( them my themselves cJIl tIe cctnamp hut in eilher c~sc lite mtCl ins () called hotl be held wilh lhrtC monl fr lhe bte nf Ihlt dC(IOIi II lhe fCIuisition

bull

161 TIl Cenlral W~rdo)ng Cor[gtJlttin hll obsec lCh ic or procedure in regarJ 10 lhe 11llnsacllun f husincraquo al 115 e~liampS ( including Ih~ quoNm1 meetings)~ moy be llfOided II cui lions made by Iho Centr1 Woremiddot housil CorporuOon under th$ ACI

14 (I ) The Cenlral Oovemmet aybullbull lta due appropriation nade by Parjoannt by law in Ihi Igtlthlf JIIY to he Cenlral Warchouing Corporalioo for the purf$lt of ill fL1d bullbullmlt1 b) lhe C-pClGlion

rot) h~ ) r 101 0( 10 Un_ ( Ilncy to hlt (rIr~1 Gmem lIty rousidltr lCoeual) anoJ

~o ~

l1oonII of Oofloomiddot

I shy -

I

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 9: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

I I (b) by w~y of o~nlt bull h sum~ of 1IlY OJ s~h lern ~ J ~Jj lJoo

the OmfJI Goommen nlay (etermin bull

(1) When nl)liOIll a pymcm uJldcr oll-ICC (I) Ib CltnLral GoIDcm ~bal cify the fUDd for Ihc purpo of hioh lie Iylll is modo

I $ Tho Ceol WanhOltUlnit Corpvralion IbIIl mllmalD -0 ICparl1e 11$ ngtmcly shy

(ltI) Ih Ccmrol Warho ing FuuJ Jgtcrflc[ reicrrcl 10 a 11M Waleshyhouliog Fund) aDd

[1raquo the Gonon] Fund

J6 () 10 Ih WahJ5ng Fund ilI~1I be cltcdcdshy(a) all moneYI and other moe mlnskrred ~J Ihe Cal Wamiddot

hoiog Grporllion under dubullbull (f) of ub-gtltCIIQU (1) or UoD 43 (b) 4uoh gltaniS and [lt)0 U the Ccnlr l G~rnm ay 0bullbullbull tor 1100

PUPgtlaquo 01 the WholWng Fund Dd (e) IlKb sun of money as Jy front Imo lin be rcli oul of

Ihe [ltJan ade from the Wuehoumg Fund or from ile1 011 In 0 diilcnds on invlmcm made IWIII lhol lund

(1) The W~d1Qung Fund ih~lI be applocdshy(tI) lor dvancing Inlt la SII~ Govcmmonlgt on umiddoth Ie I cund

tlo IS lhe Central Wrchoullng COIPUrlllOO n ) deem Col lox the purpolte 01 eblng Lbrm 10 ubscnbc 10 1 ha C~JIIal 01 Stlc Wrchuuur Corporations

(b) 101 ~dvlCrn kgtou ~wJ ~UUi uboLdibullbull CO Siale Ware Corporation or lu Ste GovemfJICm nlCh lltntiS and oornlilions a litlt Ccnlr1l Warhouur CorporlIia llIr deem fit for Ihe pupose of prOllllt1lin~ Ih wltrehousing and I()r~ uf aincuhul~l pltooucc aDd natl~ed CU1nmomiddot 0111 othise Ihin Ihrough ~pcve IiltXICUes

[(c) for meellng IIIC C~PCIO$ rncuIlelt in relllon 10 Ihe Ir ininamp f pcr(HlIIol or publidly and pro~mli lor IIIC purpo5t o( prIIIg shyhauing and Juraae ol alrlCullural produce and nltJfinl oommOOI

(tl) (01 meelill Ihe e~pcltcs iclUdlrlhe 1) one nd olher NIlUnerolion of IIIC omeers and olMr em yeu incurred in IJIWII 10 the admniW1OO ol the Warehousin Fund

17 () To the ()cneral Fond hall be crtdilNshyother

Chan lhose deffed 10 in ~Ob-I iltH I I) of ~Ion 16 ami (b) luch grantS and 10$ a he CeI 1 O CII( Y k lur

Ihe purpltgtSlaquo a[ Ibe Geneal Fund

(1) The Geneal FurHl hall be ppliedshy(a) [01 m~li nll Ihe JIll ) II OW md Olher (cmuneli or IlL

ofliee and atM cmplay~ 01 Ihe Conl1 Warehou nll COfpotaliOO (6) lor 11 I other dnlln$lrlIiyene upcns of 1M Corp lio (cl for tafling OUI the purpuou of thi Act

Pruvilticd lhal the Genel Fu d ~haU IW)I Igtlt- aplgtod for IlloXIIIg Ihe expcnsci deted 10 in duse (el o r ltIauslt (d) of ub-~cIIOn (11 of SCmiddotIOIl 16 ]

CI1APTER 111

Snu WAREIOUS~ C~AT101ltS

18 (I) The Sale GOocrnmen Y b) rIOiiflCOlioo in 1M Official Onelle ~nd wlh Ihe pproval of Ihe CCnICd Wardn Copo(l1un clabli bullh Wa houin Corponllon for Ihe Siale untllaquo uch nrnc as rnoy be pecified in lhe DOIiftcallon

~~ - d bull

(a) 11 luml rlaquoCivod by II Central Wd~ lorpltgtrll

I bJ AoL n Q[ 108 bull t 1oabIL~ ~

-- bull

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 10: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

j2J Warehming CltxporlJliOllS

Il) A State WclHUgtIn~ Corrallon elabhhcd under bcellon (I) ha llbe a body cOlporalo by lhe name notified unMr lhat ubmiddotgtclton haVIng pcrpomiddot li~1 sucreion and a comnJO I Ih 1r 10 JCltjUIrlt hQld ami dipose 01 proper ly und 10 conll j y by Iho aId amo ult 1d tgtc ud

(J) 11gt0 headmiddotom of a 51110 Warehoung Corl ball be at h place wllhin th Slale as may be notified in Ihe U~ici1 GGlle

(4) Notwilhslanding nythLng contald in Uhmiddotecliom () (1) nJ (3) il h1I nOt be necessrJI for Ihe Stal Govornment 10 etblish Corlo liOOl unJ or ub-seclion (1) here under clause lyen) of sulrseeion (1) of seclion 43 a Corpora lion i deemed 1U tgtc ltabhhed [01 Ihat Sta l undor thlS ACI

19 (I) The aulhriled capita l of a Sl te Warcbooing Corporalion hall bc och ~um not exceeding lWo eroe of rupees as may be probed diidcd into Ihae of Ihc face vlo of oe hu ndred rupee tell 01 which uch umber may be delermlned blho Corporal on in eOI1I ilh the S Gvcrnmel h~1I be issued in the lit in l~n alld the [1middot inillg hes nay be sued from lme to limlt os ~nd when the Corpltlmtlon may d~ rl aller ullauon WIth lhe Cemra l Wae lousmg Cor~lion M wllb Lbe s~llClion of lhe Slale vOYer nnenl _

ilMidod 11( in rltpeet of ~ y Siale Wa hom~ Corporatio lhe COo Govemmcm rna fter ron ulll ioJl wh Lhe Slate Govcmen concerned from I to lime a nd by O1der noifid In tile Olli1 G~ltle inltrtase Ihe naimu lim il of He aUlhorid piwl a lorcu to uch elenl d in l uch nncr thc Contral Governc1 may dClern ine]

(2) or the sh~rc cpnal iOSuql Ihe tiN lanc lt1 of Jny suhscquent juc of such Cltlpi(1 the Cona l Whomlpound (oon hII in any cae where h SIJtc Goment ja- u~scrilgtcJ [or fIfty Ir el of su~h capilal bullubibc for lhe ninins fifl y Ir cenl of Iho capLta l

20 (I) The gcncrltI pein lon and mUlagcmcnl of lhe affairs ltgtf a stl~ Webosing Corporalion hll eol in 00lt1 ~l Ihrolt10 hich sh311 cOMi of the follOWing namelyshy

(ltI) fiv~ directors nominte by tIL Cental Warlthousing eoporation [ middothom one shall be nom inated cOnSUilli wllh lbe SIa1e jJn~ and one al lea( shall be a non-ollic ia l

sbull p l lt1 10

l 010

I

)1 gt1

bull 1 w ~ (0 ~o

(2) The OuanoL1hdoilld CJl~O h] ~ Qpoint~d by lh-StalO G(lvnn~romaamp-lhe-diteclor5 oLlhcstate warehouing Corporationwiffi middotmiddotO-i Ijus eol1 pllh bull CenlrJ Whqujng Corpolltio~

raquo (3) Tho mana)in~ dicto hall shy() eXcrei such Iwc nd perfom uch dUles U$ lh bord of

ULfCCtOs (lr lhe SI~IC Wchoug Corporalion ny nlrust or delegate 10 him and

(b) receie nch a lary ml lIunc05 a the 1010 WLchJSing Corplt_lion m) in consult~ ion Ih lhe Cenl] Wohouing Corrolion and ilh the prcmiddot ious pprulJI 01 the Slale GerumnL fi bull

(4) The boJrd r dLectorlt hall at on bUSIIe prineipks havillS rltgJrd 10 pUblic imcrc1 nd hal l be gu ided by uelL inmUCIQns on queslion of policy ~$ may be ien lQ lhltm by Ibo Stte GoYem Or the Cenlrdl Ware ho uSing C~rpomtion

policy or ir lh~ Sio tc Go-emmont ~nd Ih~ C~ntral Wrehous ing Cotpo~lion give Cltlnnicting inmuction lhe ot1C h1I be oflttred 10 lhe Central Govmenl hose dooi01 thereon sh1I be rIl1 r (6) The dirltcto of a Stale Wrehous ing Copmtinn olhcr (hn the nllnaginamp difeClor 111 be ntillcd (0 rciyc by ay of remune ration S C~ suml as maybe prescribed

I J pound 1pound

11 AltI it of t(I~ G

(J) If an doubt arises as to whet I a questIon i or is nOl qUCgtlion of

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 11: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

~ Ihe Stte it may ill1ti-~thc Central Warchouins Corplt)raton determine

[gtruidcd Ihl no olbei1 dillaquolor hall be elilted ([) CI uny renlUnltrlio1 other lhn an) oll owJncc almissibl 10 him under Ih rulos resubling his condi lions of icc

(7) The tOf of office of and the m~nncr of fi ll ing c1 anlts among dlfCCH)rS hall be uch may be Igtcibcd

1gtiIU ll A Irwn hall be diluhfioJ lor bellS chn as nd [or xoing a CO [ directo ur SIlc Warchou~j8 CorpoIIOa _ on f (Ii (i) if ~ i found to be lunalic Of bewn o[ unsoud mind or I k Iii) if he i Or at any Lime 11 beO udjudirlcd insolonl or hlS nmiddot(JoiVlt shy

penJtJ payment or hi debts or h~s compou tKicd with hi cfodilOlts or00 (i) if he or has been ltwittet f Y offence ilvioS mor1

turpilUde and mltnced in rcSpttl therN) W i priomenl fur not kamp lhan ix nlOnll unl a flltriod 01 he )e h elJpd f ronl Ihe date of ~piry of the entIlCC or

(i) il he has been rcmov~d or dmid from sonicc 01 Gov~fllmem or a corporation owned and controlled by the Government or

() eltpt in the ae I the mallgillg d ireclOr if he alaried onida i I Ih Irbl Welulisit lg COl)I- S( L1e Wrchousiog CorporJtion or

(Ii) if he is flltrSltJlllIy inlercstod j a utisling cuIltet mJdc with Of in lilly wOf~ being done for 11 0 Slato Wchouing rporl on except as a hneiwider IOther Ihan a director) in ny publi wmpny defined in tile Compnic ACI 1956 J or I I

Provided Ihl where an) eh flltWn i$ a hareholder he sh~Jl disclose to thlt Ware homing Corporali un Iho nUre d extent of thbullbullhre held by him in h company

~ -t~ teshy 1 n (I) ne SI~le Governn1ltnt may ~l allY lime thme-~val oj 4- Ihe C~mal Warehous ing Crpo r3Ii rc nlOve the maagi ng diecor from ft

office aher giving him rcm(lbTe opPOrtn i I howing ca gainS Ihe ~- propOsed ~moval

(1) The board of diectorlt may OlOe lrom of lice y diredm who_ t) i or hIlt beec ubjl 10 n) or the diquolfel io memiollltd

in ~Iion 21 Or J (h) i oMonl wilhoul leae of Ihc burd of (11 for mor~ than the

ronocutie meet inglt of the hoard withoul caulaquo wllieie in Illc opinion of Ihe bltJ 10 e~oealc hi bscnltC

23 (I) A Stale WhOllillg Corporatioo ma) ppoinl cil officers andrl shy utller employee ~ it cons iders necesary for Ih d)kicnt [lCrlormance of tw om lunCltons ho ron _ 0) Eery [lCrgton eployed by SIne WehollSmg Copnralilt)n udcr Ihis I of ACI h1I be ubjltct to ueh cond ition 01 it nd hU be lillcd to uch eunerati a ny be determn1 hy cguhliltln mde by ne Corpltgt(Jlion

u(1er this ACl

24 Subject gt Ihe proYisions of Ihis ACI a Sial We~ouing Corporalun may_

0) aCtluirc Jnd tgt~il( glttowII)lIylwr~)~q I sud pbcc wilhi

(h) run wrcho in the State for Ih ampQmge 01 gricuilrnl produce ecd bull manure fertili-lts gricu ltura i implements ml notified commodities

(c) arrange faeilities for the lransport of agricltm~l plod= sews manure fnililtrs agricultual implemnts od ~otifled commodilies to a~d from warehouse

(J) act $ an agent of tho Cenlal Wchoustng Corporntion or of tho Government for lhe purpoSt~ of the pureh le lorso and distribution of agrkultur1 proJuc~ lIlteds nure rortili gricultural implements nd llo(nod lllmitic~mt

rcfc[y ului-otir IUlleti may be plcgtltribcd

~J ~ Lt J _ _ ~ fI--i-j AL ~~-doClt-~~ 4J~ ttOJ-- laquo-Lshy

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 12: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

bull

I

Of 1962]

Ihe manSillS ultolt)lt and ~ (d hroe her lt1laquo1 ~hosen In Iho IJCtgtcu nncr f hom one

11 be bull dlrlaquolor rdd in cI (u) of lubo i (I) of )laquoliol 20

(1) TlgtChirn+ole Illlt boarLltgtLdlrltluh Iull boU_Cbi(m~II 0( 11lt Eucu CommitLCc

(J) Subjecl to U) I - poci1 drltClionbullbulls Itgt boad of drechgtrlt my from Ii I me Al be 111 Comtnltl gthall be rompe to okal with any mIt Wil l he mpctcnocc of he S~c Wahouing COIOtion

ClIAITER IV

FINA) AcCtgtUNI S ANI) AVllIr

26 (II E y W31thnamp Corpor iln h~1I II befre the oom01laquo I m of cch year ~ IMnl 01 1f000mlC ( it gtt1 li~ durinS llgtc forth- ~ I~ ~mi03 )Ca as gtII ~ 3 i1Unltal ltmole in ~~pea 11Wf _n of

III A lalCn lplmI unok tgtak)n (I) IU DOl bier gtI ll~ ~I monthgt belor the COltfImltlIlaquomcOl o bull ch year bo ugtmilled for ~ppltOl-

(ul 0 lhc c of Ihe Ccnlr~1 WactKUIIIB (par_lion 10 (be Ccnllal vcrnml ~) in Iho -IgtC of a Slale WarcilOUg CopolIiOJfl lltJ Ihe CIt)

Wchoong Corporation and the SlaTe Governm

(J) ne 1 lemenl ad 111lt roncial I i (e r a Wkoumg Corp1rJlion referred 1lt in utl-sectin II) nay 11 he 11)ttW) ( lhe Cen1 ((00 n the CO of llgtc Cellaal Whouing CporauOIl or wih be ppm--I of (he Cent) WltbObIO Corl0iull and tgt Se Glnemmonl in cuc of a S~c Whoun Corporgtlioo be vigtcentll by Igt WI~uSlnl CltlfJIOfuon

21 (I) A W~rcb()Wjnl CorIOO)J) my m ulla wi~ be Rese Do~ and Ilh he pevous PI1-1 of appro Governmen i)oS 1 II bond and dcbcourlt bullbullf)InS ine 10 h purpose of iinC fund 10

tProvided 11[ h loul IOUIl r 110mb an1 debebullbull icd and oumiddot nltl i n~ and of he le bormwinamplt of the Corpoinn h1I not lOY imo middotcd too tilnes je amunl uf Ihe raidr haro pilal nd the rc1Cvo funJ ur Ihe Corporaion

(1) A WarthouSIO COfpltlltatlOl may lor Ih 1po1e of curynl ou 11 function under III A~ borro rnogtnlt) -_

(I) Irom lite R~~ Uank or

til) lrom the S~e Unk lor bull h penods oJ( hlchbullnd ~ any of he 0$ lI1 whith it i uhofiscd to ad and d RgtOAeYbull undcr he pro~gtlons I (110lt Soc Iltnl of In~i~ Act 1955 ur)

[(iii) lrom any nlliol~lislt~ bank 0

(i) f(lm uiI in n y iCjC lll UM or olher ill middot 1 iniuion ) tgtc pvet by Iho COIlI1 GOym in thi )Chair]

III Subt IU he proVI 0 ubu 11) 1he Cu~1 Who1 Curpoion Y borow muncy fm lhe C~nrgtr Govemoltnt 100 a Sate Wanmiddot homin Corpor-~iuo my bt nltgtnC~ r lhe SUIO GovernlII ant hebull Coor WafCboun Curporliun 0fI uct ut and 0fI bull h lerms alld ollohmiddot ions ~ ay be aamprCcd upun Ion be borowill corporation and be in each c

(ltI) The bonds and t~nt1C$ of a WchoooIDl crporauon may be K~rnted by he rproprile Governme t(l the repayment 0 principol ~nd

11Iall 11middotUvr 6 r 0)11+ Ubullbullk or tl ~l

IIIbull br 1 U

f l mit

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 13: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

thlt Iymcm of 10 at such role as may blt hed by Iho appropriate Oorn ment on Ihe reruuendalion of Iho oord of difeCiors of thc Corporation at Iho time the oondl Or deblt nlurc a[c d

28 11 monoys bltIOflglng to a Waehouing Corpol1llion sJall blt dCpo$itod m the Rrc IkInk ltJr lhe Stute Ibnk [or any national d Dan kl or su bjoct I UIlY fuk made undct th ACmiddotI 1 [lilY ol h~ hedulod ban ] or comiddotopcr~tive ban ~

I 29 A WarehousIng Corporat~1l laY n1 it fund io tbe sccuril i e~ of Ihc 0 ( Cenl1 Or OD SlOtlt Goernmcnl or LII uell mho nn as ay be prescribedd by Iho ~ppropnule Gommcnl

Ujgtltbullbull 30 (1) bery WochouiJlg Cmpomdon hall estab lih a r~serve fund oUl of 1 _ f I ~tln1 ltIt profitgt

11) Afler king progt iioll fr bo d TId doubLluj de deprecialimL LlfL

_Igt lid ~II olht matters which f~ ~ull y ldcd fo by ~umpnie registered nd IIIOpoLloJ uJer the Comes Ac 1156 a WOhOuLg CorpOrtion mJy ul uf ll nnul1 prOfilS ded II dwend_

Progtided Ihal for 0 long a the r=rv~ fllnd Jcgt liL LL tho IUdup hare ~p L I 1 of Iho Ce L1r1 W rehoul1Ig CO IXioH and uutil liLore has beltn [efYJid 10 tho Ceu1 GuvOmnlOn l ultmiddoth SU IlI if any thaI GovernlllO1 moy ha ve prid under gUaotIT giwon in punullcc of ubmiddotetn (1) f clion 5 Of uigt-ction 11) of soclio 27 the rtt 01 such dividend in Ihe c of Ihlt nntr1 Warehousing Corporul ion 111 nOI e~ced the r-Io Bameed b IlLe Cental GovemmO nd uigt-section 1) of ltClion ~

31 (I) poundery Warehtlusing CorporaliOIL u li minain proper occltgtunlS andon1 1 her rcievam record and pr-cpa au H IIU~I CL Onl til eoulllS including the of II

profil and los =1 nd Iho L bneo shlaquo1 in such fu bullbull my be precribed 1laquo r roiJcd IhJl in Ihe e 0 the Conlrol l WJrc houi ng Corporation Ihe

accounts rciatg 10 Ihe Wrehous ing fou nd ond Ihe Gcnoral Fuod ball be minlainctl ltcparotcly_

0) The Crolll of Worehouing CrpoLlion shall be audiled by an uJ or Ju ly qualified to ac t as auditor of cQmpmios undr section 226 of Ihc f frOG Compone A 1956

1 (4) T he ~udIr sl1 11 be suppliltd wil lL ro py of Ihe unnu balanlte sllcot

aud Iho proli l ~nd 10 Lccltgtulll of Ih W hou ing Crporation and il shall be hi duly 10 enmmo the Og~lhcr wit h Ille accounts an(1 vouchers rcllting Iheet a nd he 111 h Ii dcl iced 10 him of alllxxgtks kepI by lhe Corporamiddot lion nd Shall al all cona ble lim bullbull havc aeCC$ to Ihe booklt accounts and olh rumentlt of 10 CO pltgtrdlion a nd r ) [equ trc from ny o lli~cr 0 Ihe Co pora lioll u~h lIfQfm~lion ond expit lIions a I ~e ud ilO may Ih ink fIceSS) for Ih pcrfofmnlte of hi duti a auditor

l 15) The udilOr shall okc a report to Ih holdos on the ccounls

(j) The uid uditor _hall be ~ppolILlcd by Ihe pprop Gomnl on Ill odv ice of Illo Comptrollc aTld AuditormiddotGonc 1 f India

[~cr S

I h ioJ by him d Ihe annual balance shcct alLd Ihe profil and Joss ~eoulllbullbull

(b) in IIL o ca of lhe profil d los altWUUI of the profll or 10 for its rUL nei1 yoar

nd 11 evoy ueh [ltport ho ~all Iatc 11010 n his opnon I~e accoun ts give 1

II lid in LSC he h ~ 11 0lt1 for LlLv expbntion nr in forlion from Ihe officers whether 1 h been given ud whol her t j il isfa~tory

(6) T~e appropri ~1C Government may afler conultation with the Compmiddot

J true d fair viewshy(a) in Ih ca of liLe oolco heel of Iho Stte of Ihe Cor po ration

affa irs al the end of its fimmd~l yea r and II bull Ii1 toller --m = - -_ _nd AudilO bull GenoI-= = _ I I bull by ru f or IUO ~

abo hy _ biJ L y ~ I ~[I

iI iLbull

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 14: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

1

or 1962]

requirinl him 10 reporl (0 Ih~ PfJoltMe Gonmen( uron lhe adequq of meure laken by a Wrehousinl Corporation for lhe prolltctlon of iU baremiddot Ide and cedo or upon he JUlticicncy of h ptawure in audIting lhe altCltgtonlJ of the CorIgtt3I1on and laY cnlrgc 0- extend he scope of lhe ludil or direlt1 thai a dillerenl prOCrdure In audll may bt adopled or d1 Ih ay other cxmination may bt mltlo by Iho ht If ill l ite piM of Ilgte apOpti~le Government pub)c inlere1 SO -luirebull

(7) A W ehoulln C-(XIru shaU sltod a ~py or ~middotCY UpOf 01 lhe auditor 10 Ihe Comprolkr and AudilormiddotOcr~1 of Ind nd 10 the Ccnual Gowmmcnt al1lt OM monlh before il is placed bef(lfe lhe harehollkrs

1$) NOIwilhandg DIlhing mnbtforc contained in this ltCCtitHt lit Co mptroller and AlitormiddotOenerol of Indi ny cli loer of his own mQllon or on que received in thi~ heh lf from Ihe appropi e Gltwrnmenl undcl lale in SpeCl of a Wbltgtuing Corporalion luh ultt il nd 1 $h lime a he m~y ltnlider ntteSSOf)

Provided thai here lhe Ccntltll Gonl ltuind 10 nu~e ny pa) menl on aCCOunt of lhe CUrantlte gigten b) il under Ub-loCctioD () 01 5ecIio~ 1 llCh aUdit shl1I bt uOOcr1 ~tltn by lhe Complrollltr and AuditormiddotGcnltml r I ndi~ or Any pe rson 3ulhoristd by him in Ihit bt~alf

(9) The Compt roller oJ Aud itormiddotGenef o( InJj amI Y pcro aUII rid by him in conneion with the Budit f 1M _UOIS of 3 Wgtfehounamp COIpOOIolion shall hwe lhe Jome hl$ rgtltjIlltgos and ~Ihoty n connlaquotion wilh fIlCh audil llIe Comptrolkr nd AudtorGcll ha 1ft connection wilh the _udit of Gownl aCltOunU 11([ In parlicufarbullhall howe Iht riaht III demand th product of books oOOtlnIS ronllotled vopchers aDd olher docmiddot mtnlyand papers and to npeel Ihe om of the Corportlon

V om The annu31 ~tCOun( or Warehoui ng Corpora(on lUgclhor with the Rudi l report tMrWn ohaU be [Ilaccd before the allnual nerol nI~ina of (ho CofJlOl(ion ilhin Ii mnmhlt of tlV rime Qf fM foncbf j

bullIII) E~ory audi repon under Ihis eeion $h311 be 10000nled 101M W primle Governmenl wilhin ~ rnotIlh of ilJ being platt( before lho nnu31 bullbull1

_Iintl and thit Oo bullbull rnmenl hall os SIlO I hr~aflor mny be C3U~ the lame 10 be laid btfore both House of frfi3n( or Ibe 1ottilalure of 1M SI I~ as Ihe Case may bt

[3 A Warehousing Corporation shall furnih (0 the appropriate Gowrnmml uch retumJ $I3tiics _nlS and other illformation wilh rupee 10 11 propeny Or alttivi~s OS thll Go~rnmonl may rrom Ii 10 lime 1O[uire[

CHAPTER V

Iho OOMlilution Illltrof

33 A Warcbousin8 Corporation may by gen1 (It special nro in writ ins defegate 10 the Secrel~ or ot~er offICer of lite Corporalion ubject 1(1 sulth oonditionlt nd limital ions if any as mar be specified in Ihe order Ieh of itlt powetf and function undr Ihi Act 0 II may deem nltcessary for lhe offienl performance 0( IS functions

34 In any elina of lhe slwltbolde of a Warchousng CoIpotItlion o~ry member h1l h3 e one VOle in flCCl 0( bull bull cb hl rc held by him in Ihe Corponl1ion

0 shytt i~ ~ of w -~---~

31 No act or proclaquodi of a War~houing Corportlion shaff be inVllfid by reaOOll only of the o~is(nce of ~ny Vllcancy amon i(s directors or Y defect in

tbullbull shy-

rib of-ho

-

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 15: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

[AIT SI 0

1 _w-I

--

1gt0lt-1idNM-

3S I f the is any djll(r~rI(r of opinio rewn Inc 0n1l~1 W3~housinBboCI Corporan ond a Slte Wuro1lOuing COfIOIlio ~fding their (Sped

funClioo and Pltgt5 utl(lor thi Act h dil rorenc~ ~h 1 be rofeJ 10 the Contml Gwomon hltraquoc d-io Iho11 II be nn

middot0 n ~ shyn

lH4yen

shyshyMoObullbull ~

1lt

36 Eorr 1IltIor 3111lt oflicltr ltgtr ooller omplo)oo f a W~reb()lling Corporolon wll hofore ~nlltng ufIJII I dUi m~l a dcdr~lin of filtlelily ~Dd ~Celt) in lho form OUI in Ihc Scheotuk

31 (I) Ecl) ditldo gt WardIOU$io~ CIornilo ha ll be ind c ified by he Copor-Ition tIODlaquornw agaio 11 Iogtses nli eApen lICurred in the discharalt of h dUlj ~[11 ltuon ~~ cd hy hi lful ~lt1 or ltkr~uh

(1) A director of n W c llOu~in K CMp3tiu h ll rIOt 1gt0 reJr(ln~)te lor ny otllltr director Or for ny officer (If mor cmpt()~~middot or tl COIfOatinn or for nny 10lt Or ~~n ultinll tu lbe ([gtOI~tion 1raquo thio infrICicncy or defICncy of Ic or or litle tobullbullnmiddot pro~ or IIrly ~uircd or tattn on bol11 of the Cpo-~tiun in gooo failh or b the ongful ocI r 0 person un dor obliIOI lu tillt Corporalio or hy nytlling done in g~)oj failh in Ibe exCution uf th~ dlllic of hi ofllcc ur in blinn theo

J8 (I) Whoo r Will Itte connt on writ~ or a Wahoosoo~ Corpora lion uus lhe nOI 01 thaI CorfJrlliofI ill ny prM[Jlaquo[US or adver1i~rnltnt $hall be puihablo with im prisonmltnl whiell maj [end to i 010011 Or with fine wbich rna) end to one I hou~nd rues or wilh ooh

12) No COUr1 shall ~e coWizanlaquo or an offence under sublaquoaion III othe sc than on a compllinl in 1 b) an olicc bullbulluthorised in hi ha1f by IIlt Weoou~inK Corporao conunltd

JII For the purposes of the Incomemiddotla ACl 1961 a Wbullbullehwing COTpo1I ampI 181 I h1I be dlaquomcd to be a ltpony wilhin the ~nill of lhJI ACI and shall be liable to ncoo- and 1bull10 altconhngly ltIn il income on II gon

Prnided Ihat in lhe bull f Ih (0(1 Wrchllll ing Cpraliull lny ~u paid by the C~nlr~l GoennIC1 undo ~unlltc ~in n pUfgtun of oubmiddot IClt1ion () of _[ion 0 bull In Ih Ie vi bull WohuK Ogtrpor(in any sum paill by lbe Cenl1 or St~I Gonl uTlllr y Eu~rnnllte given in pmsun~c of ugtoscclion (41 ltIf ion 27 ~h11 nOl ho 1~t(J ~s income profit and pins of a WoreOOu inE el i nd on i I$1 on Ihe delnt bullbullbull 0 bonds issued by tlol Corporll oul or ueh rnbullbullh~1I nOI be tcd as upondiluR Ulred by it

Provided further Ihal in lhe = of any 51ooOOlder (IT debenturemiddot OOlder ~uch porlion of bull diidenJ Or inlo1 ~ h tx-n paid out of any uch urn advanced by lhe Cen[1 Goenmenl 1011 he deemed 10 be hi income fron intltR$l on secuities decbrtd 0 imemiddotImiddot thin the ing of ec1ion U of th ACl

10 No prnv ision or law nlating 10 Ihe windi ng up Ilf companicJ or corporamiddot tion slulll pply 10 bull WoroOOusillJ Cltgtpoinn and ny h Coporoliun 1gt11 nO he plalteltl in 1iquidnion Ioave by oder of 11lt nppropri (oltornmon[ and in uch manner os it may direct

41 (I) 111ltgt appropriale Go rnmnt may hy n(M incatiOll in the om~i~1 Gazclle ma ke rut to carry ou he purposes of hs ACt

m Wilhout prltjudico 10 Ihc trnerlliy r the fORin power sh rulu

WI tKi

()~

~ provide fo_

(Q) the ~ddilioMI rOClioo~ which a WarcOOuing Corporat ion m bull y perform

-

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-

Page 16: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

OF 19621

(b) lhe manner ltgtI nClmiulion nd elocIon ltgtI lhe djltCIo of lilt Cenlul Warehouing Copion and tillt pcriOlt within which aueli diO(lOf1i shall be nominated or elected

Cd the tem 01 nOice 01 ~Id I mlnner of lillinamp 1 vacance amonbull and lhe lgtCrllOnn )~bIe 10 the dingtClor III a Worehouinamp Corporllion ~

(1) the manno QI ehing dieetors on Ihe Exocutive COnlmilloc of a Warehouing COfporolinn

C~) 110 authorised (liral r bull SI~le W~ l ehouinl Cltgtf]lOrlOoo [wilhin lhe mimum limil pecified by or under IHeelion (n or ~lttin 19)

If) Lhe form of lhe aMu1 statement 01 a CCOunt5 nd the blbnoe hltot to be pCflred by a Wareinl Corporalion

(t) tho deposit or monel or a Ware Cmpouion in a bNluied bon 01 a romiddotoperolh oon~

(h) he ntanne of iuing ~has of a Warenl Cor(tnn the 11s 10 be (11 in ICPlaquo tllltrffi and 011 OIl1ltr mlIlU incidenl 10 the i-le of shabullbullbull

((I) the form and m~nn in hich returns Itillie ltCount nd Olhor inlontCltion are to be furniltlIed under -etion 31A Igty a Warellonns Corponlionl

v1Im ~ny Olher molter whih 10 10 Ix Of may be pre~bed (1) EYtY rule ntade by tho Cenll1 Gornnt under Ihi (ion hall he

laid soon a moy be f~r It lt made bel(lf ealth HOUSG of Parlilrnc while il i in oelt$kgtn for bull toul period of thilly daY wbieh y he roruprid in ion Or in two or ntOre $=ibull lessionbullbull ~nd [if before Ihe epty 01 the session immroiately following the ion] or the su=Vt ion aloreaid both Houses 0iTlte n m3ti~ any modificalion in the nde Or both Hooscs avec thal the Ie should not be moobull the Ie _hlIlI tbcrelfttr hu ltllel only in lt11lt11 modified form or be of no dlcCl II lhe c~Slt may be 110 hower Ihal an) $ueh modification or annu lment hall be without nrejudiot 1ltl lhe vlidit) of n)middot thing previoudy done under thol ule

42 (I) A Wanbouin Corporll000 may i1 h lhe pre ~Iion oIlhe Pproprite Gomment by notificOliltm in lhe OJlkial GueUc make rcgulations not ioronitent with thi ACI and the rules de trnrcllndcr 10 (gtw ide Ir ~11bull UCf1i (If which provi i n=oltIry (or crlaquolient Ir lhe rgtu~ of gin effect 10 110 provisIOnS of hi Altt

(1) In portiolar and without prejudice to Il gtneraty [ Ihe fogltgti nB powclt SUCh resulation Y provide fot-

J (Q) Ihe condilion of oervkt ofbullbullnd the remunernlon pobl 10 the olfKers and OIher employee 01 a Warehousinl CorpOrlllion

(h) the manne in whkh and the nltition ubjet to whien h of the Cental Warehoui CorlXlMl ion my be 1rllnsferred

Ie) the manner in which meetings of a WehoilSinl COflOlt1tioo and the E~ecutiv CrunmillfC thereof hall be eond the fees for nnndinl SUCh ntlngs und the ltxedur to be followed the at

(d) Ihe duties and ronduct III offrs and employees of Wnrthouiug Corpontion

() lhe powers and dUlk whkh Y be entrusled Or delegItlt 10 lhe ntn~Rinll director of a W~rehouln Corpomlion

() ~ncra)1y he elflltient conduct rH lhe lIai 0( ~ WIIOltlinl Cor]lOfllbon

(1) The approprite Governm~nt may by notifcation in Ihe Officiol Gazone rescind any regubtion hieh it ha sanctioned and thereuron the sulnlon h1I

----0---________--------shy

1-shy

I

~ If ~U~ 50 ~

~

ampok A ~ 0( 11118 l~ f~ 10 _

1M h 10~

CI (i ) no Iot_ 1 til by 10 601

bull- -- -

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

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Page 17: T,f.fB WAREHOUSING CORPORATIONS ,ACT Warehousing Corporations Act... · T,f.fB WAREHOUSING CORPORATIONS (M modified up"'to the 1st November, 1976) • • . M1NIS'ffiY OF LAW. JUSTICE

II

I~

43 (I) Wih dfcgt from hc dote (In whIch hc Cen 1 Wahousi~g Curpo lil1l abti~ urldlt ~(ion l bullhc icullural Produce (Dltvclop men and Warchornn81 Cor~lions ~ 19~6 in SO for os it h no ben 01 rc~~kd by he N~lional C(lCratiw 1)oIopoe CoporJUon Art 1962 ~hU bull bullnd pc led

(11 Notmiddoth]na uch Ialshy

fa) iIlt sha 1IUed 00 the k cenfiCles is~ucd by the Conlr1 Wachling ltorpori blh unucr the rejlltJlcd Act Iherein3flcr dtred to a~ the id Caon) 5hall b lt1laquolt1 to h been aiiOlled and mued by tho Corporation bl d uur -on 3 Ih~ Act 0 if thi Art had bcltn In 10= on the d~ ~n hch the CS WJ al10llcd d Ihe h te certifics were il$ucd

(b) eyery sharclKgtJder of the 111 Corporuion hall bccomt the hollkr 01 as many reo in the Corporation esublihcd urnkr SCClion 3 Ihi ACl u are tltluilenl in numbtr and yah1e 1o Iho hares held by him in lie SOli d Corporalon

(c) ~II m~ and h~r 5tcIIrilic t-e~ig 1o lhe Nalionll Wareshysi Oeelo~nl Fund hich mmedldy Ixfore IIx id dale nllnlaid by the said Cnrl lin holl In) trmlrcd to and he mainmiddot I ned hy the Corlor~ton elblihod unle laquo1011 3 I Ihi lt1

hI) un)lhinll tin or n 3lt0 Iken Iuding an) lPnlmltm milion dele ruk Of eulon mak) undelt Ile rltIro ACl n in I3r a t is col neoni wrlh IIgtlt provo of Ihi An be deemed 10 hlve heen doe N la ken umkr Ihil lt1

(~) try slgtorc hold by h id Corporali in a Slale Wa housin Corpogtion under Ihe pcentakd ACI shall be dttmod 10 be a Iha held by Ihe Corpor-on e~lablshed un~er clion 3 of Ihis Act in the rorfcsponding Stale WaclgtouinS CrporOlion deemed 1o be cgtlbh5loed unMr Ihis Altt

If) Mil liabililies and obliptions IIgtlt said Corporalion nI1IIIelber riing t of n)middot ronlcl nr otherw $h1I be lhe rih~ liabililllaquo and obli8~Iiltln rClaquoliy Igtf the nrrormnn es[ ablilhcd ndcr clion 3 or Ihi Ac

(d a Sial WatdmS Cnrpon elabhh~d for ~ Slale under 11gt1

I decbrc Ihat 1 ill fahfully Iruly ~nd 10 he blt51 01 my judgmentbullki a1 ~lgtolity CAlaquou~ and rxrform lhe dulilt hich quire ( me as n direltIJr offi~r employee or Ilor (as Ihe calte may 1gt0) of lhe Warelina Co-prgtralion nlt whch propltrly rdOl 10 lhe off or position in lhe id CorPO11100 he1d by mlt

1 further declare lho I will no ~on nlU nical~ or allow 10 be communiltaled 10 an~ person not lop1ty nlil1d tl~rel ny informal ion I~ling 1ltgt lhe If~i of lhe said Corporamplion nlt)r ilI 1 allow any fIlCh lttSOll 10 inspect or 1gt0 ltXUJ 10 ny book or donomcnllt belin 10 nr n lhe (gtOS5Cslion of lhe CorpnralKm Mj relatin 10 the bUi of tht Corrort ion

Signolure Signlure Signature

SiKI~d ~or m~

Dm

bullfeI~ Altt h be deemed 10 be Iho 5110 Whousing Corporation CIIbl ihed (or Ihal State uncior Ihi Aci

TIlE SCIJIDU lr

(s-~ oelt(j 36)

DtCLA~ATrON OF ~1)f1n ANIl StCRtCV

bull

-